An electric car manufacturer from Vietnam called VinFast which is backed by the richest man in Vietnam has filed for an IPO in the United States as it is getting ready for delivering its first SUV to the consumers in California later in the month.
This is a unit which is founded by the Pham Nhat Vuong and is being advised by the banks which include Citigroup, JPMorgan Chase and Co, Credit Suisse, Morgan Stanley and others. The shares are going to be traded under symbol of VFS on Nasdaq. There aren’t any details about the date when it will be possibly listed.
Also read : GM to install 40000 EV chargers (evworldnews.com)
The IPO plans of VinFast have been there in for close to two years. It was reported in the year 2021 that there were plans that a $2 billion US IPO was in the pipeline for the company. The company in had in the month of April filed for the confidentiality for the sale of shares. The company is looking to raise close to $1 billion from the offering in the month of January.
VinFast is going to sell as well as list shares as per them when the conditions of the market are going to be suitable for them.
Once it is listed, the company is going to look at further opportunities for raising funds. This is going to help them in their plans for growing all over the world.
VinFast is going to be one of the biggest companies which are going to see an IPO since Vinhomes JSC which raised $1.4 billion debut share sale in the year 2018. The IPO did not do well since but the electric car manufacturer is going to look to change that trend and make sure that they grow at a steady rate in the coming few years.